Relief to loan takers continues from the country’s largest bank, State Bank of India. There has been no change in MCLR by the bank in November. MCLR is directly related to loan interest rates. If there is any change in this, it affects the EMI of the customers taking loan from the bank.
SBI has not changed the MCLR rates.
That means, the MCLR rate applicable from November 15 is the same as last month. The MCLR based rate of the bank is between 8 percent to 8.75 percent. The overnight MCLR rate is 8 per cent, while the MCLR for one month and three month tenors is 8.15 per cent, six month MCLR is 8.45 per cent, one year MCLR is 8.55 per cent, two year tenor MCLR is 8.65 per cent and three year tenor MCLR is 8.75 per cent. .
What is MCLR?
The full form of MCLAR is Marginal Cost of Funds Based Lending Rate. It acts as a benchmark for all types of loans like personal loan, home loan and car loan etc. In simple language, it is the one below which banks do not issue loans. For example, if the MCLR rate in a bank is 8.50 percent, then the bank will not issue home loan, personal loan or car loan at an interest rate less than 8.50 percent.
State Bank of India is the largest bank in the country. The bank has given home loans to more than 30 lakh Indian families. The home loan portfolio of the bank is more than Rs 6.53 lakh crore. According to Mint report, SBI’s market share in home loans is 33.4 percent and in car loans is 19.5 percent. SBI has more than 22,405 branches across the country. The bank also has a large network of 65,627 ATMs.